Hastings Insurance Group, one of Europe’s fastest growing insurance businesses and home to well known brands such as Hastings Direct who are based in Collington, near Bexhill and who are a major employer in the area today announced that following receipt of appropriate regulatory approvals, it has completed the transaction announced on 8 October 2013, with Goldman Sachs Merchant Banking Division acquiring 50% of the voting share capital of the Group.
Gary Hoffman, Chief Executive of Hastings Insurance Group, said:
“We are delighted to welcome Goldman Sachs Merchant Banking Division as a new shareholder and look forward to working to deliver our clear strategic plan and to continue providing refreshingly straightforward insurance.
Sumit Rajpal, Global Head of Financial Services investing for Goldman Sachs Merchant Banking Division, said:
“We are pleased to have formally completed the transaction. We remain extremely impressed by the quality of the Hastings management team and are excited about the prospects for the business as it enters the next stage of its growth.”
This kind of direct investment in to the area is great for the whole area.